Artificial Intelligence (AI) in Clinical Trials Global Market Opportunities and Strategies to 2032

This report describes and explains the artificial intelligence (AI) in clinical trials market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global artificial intelligence (AI) in clinical trials market reached a value of nearly $3.37 billion in 2022, having grown at a compound annual growth rate (CAGR) of 39.9% since 2017. The market is expected to grow from $3.37 billion in 2022 to $20.09 billion in 2027 at a rate of 42.9%. The market is then expected to grow at a CAGR of 31.1% from 2027 and reach $77.95 billion in 2032.

Growth in the historic period resulted from rising prevalence of chronic diseases across the globe and growing demand for personalized medicine. Factors that negatively affected growth in the historic period were shortage of skilled artificial intelligence workers and high failure rate of AI projects.

Going forward, the growing need to curb clinical trial costs, increasing healthcare expenditure, increase in the patient pool and growing government support to AI development will drive the growth. Factor that could hinder the growth of the artificial intelligence (AI) in clinical trials market in the future include complexities in adopting AI systems.

The artificial intelligence (AI) in clinical trials market is segmented by offering into software and services. The software market was the largest segment of the artificial intelligence (AI) in clinical trials market segmented by offering, accounting for 67.5% or $2.27 billion of the total in 2022. Going forward, the services segment is expected to be the fastest growing segment in the artificial intelligence (AI) in clinical trials market segmented by offering, at a CAGR of 44.8% during 2022-2027.

The artificial intelligence (AI) in clinical trials market is segmented by process into trial design, patient selection, site selection and patient monitoring. The trial design market was the largest segment of the artificial intelligence (AI) in clinical trials market segmented by process, accounting for 42.5% or $1.43 billion of the total in 2022. Going forward, the patient monitoring segment is expected to be the fastest growing segment in the artificial intelligence (AI) in clinical trials market segmented by process, at a CAGR of 47.9% during 2022-2027.

The artificial intelligence (AI) in clinical trials market is segmented by application into oncology, neurological disease and condition, cardiovascular disease, metabolic disease, infectious disease, immunology disease and other applications. The oncology market was the largest segment of the artificial intelligence (AI) in clinical trials market segmented by application, accounting for 27.7% or $933.9 million of the total in 2022. Going forward, the cardiovascular disease segment is expected to be the fastest growing segment in the artificial intelligence (AI) in clinical trials market segmented by application, at a CAGR of 52.0% during 2022-2027.

The artificial intelligence (AI) in clinical trials market is segmented by end-user into pharmaceutical and biotechnology company, contract research organizations and other end-users. The pharmaceutical and biotechnology company market was the largest segment of the artificial intelligence (AI) in clinical trials market segmented by end-user, accounting for 62.5% or $2.10 billion of the total in 2022. Going forward, the pharmaceutical and biotechnology company segment is expected to be the fastest growing segment in the artificial intelligence (AI) in clinical trials market segmented by end-user, at a CAGR of 44.5% during 2022-2027.

North America was the largest region in the artificial intelligence (AI) in clinical trials market, accounting for 39.4% or $1.33 billion of the total in 2022. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the artificial intelligence (AI) in clinical trials market will be Asia Pacific and North America where growth will be at CAGRs of 52.6% and 42.2% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 39.5% and 33.0% respectively.

The global artificial intelligence (AI) in clinical trials market is fairly fragmented, with a large players operating in the market. The top ten competitors in the market made up to 10.65% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Saama Technologies Inc. was the largest competitor with a 4.67% share of the market, followed by Trials.Ai with 3.56%, Innoplexus AG with 0.74%, Deep 6 AI Inc with 0.34%, Unlearn.AI, Inc. with 0.31%, Mendel Health Inc with 0.31%, AiCure, LLC with 0.23%, Median Technologies with 0.20%, Euretos Services B.V with 0.16% and Antidote Technologies, Inc with 0.12%.

The top opportunities in the artificial intelligence (AI) in clinical trials market segmented by offering will arise in the software segment, which will gain $10.84 billion of global annual sales by 2027. The top opportunities in the artificial intelligence (AI) in clinical trials market segmented by application will arise in the cardiovascular disease segment, which will gain $4.92 billion of global annual sales by 2027. The top opportunities in the artificial intelligence (AI) in clinical trials market segmented by end-user will arise in the pharmaceutical and biotechnology company segment, which will gain $11.15 billion of global annual sales by 2027. The top opportunities in the artificial intelligence (AI) in clinical trials market segmented by process will arise in the trial design segment, which will gain $7.01 billion of global annual sales by 2027. The artificial intelligence (AI) in clinical trials market size will gain the most in USA at $4.75 billion.

Market-trend-based strategies for the seed market include focus on introduction of cloud-based clinical trial platforms to enable easy communication, focus on innovative product offerings to clinical trials with advanced data and technology platforms, focus on integration of real-world evidence (RWE) solutions, pioneering patient-centric advancements in clinical research and digital services, strategic partnerships and collaborations to develop new products and increasing investments to expand digital patient engagement programs.

Player-adopted strategies in the artificial intelligence (AI) in clinical trials market include focus on expanding operational capabilities through strategic acquisitions, focus on strengthening its business operations partnerships and collaborations and focus on enhancing its operational capabilities through the launch of new solution.

To take advantage of the opportunities, the analyst recommends the artificial intelligence (AI) in clinical trials companies to focus on cloud-based clinical trial platforms, focus on innovative product offerings to clinical trials with advanced data and technology platforms, focus on integration of real-world evidence (RWE) solutions, focus on increasing investments to expand digital patient engagement programs, focus on strategic partnerships and collaborations to develop new products, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end users and continue to target fast-growing applications.